Lyft, Inc. (NASDAQ: LYFT) has announced operating results for the first quarter of 2022, reporting an adjusted profit compared to a loss last year. The bottom line benefitted from a sharp increase in revenues.
The ride-hailing company reported a net income of $24.6 million for the first three months of fiscal 2022, on an adjusted basis, compared to a loss of $114.1 million in the year-ago quarter. Including special items, it was a net loss of $196.9 million or $0.57 per share for the March quarter, compared to a loss of $427.3 million or $1.31 per share in the same period of last year.
First-quarter revenues increased 44% year-over-year to $875.6 million even as rideshare volumes reached a new COVID high. The results also exceeded the management’s outlook.
Check this space to read management/analysts’ comments on Lyft’s Q1 2022 earnings
“We will continue improving service levels to benefit our business in the near-term and put us in the best position to support increasing demand over the long-term. We also expect to strategically invest in key business initiatives to support our continued growth,” said Elaine Paul, chief financial officer of Lyft.